Globalisation and the Australian economy

Globalisation results in the spread of:

• ideas, products and culture

• jam, peanut butter, vegemite and cream cheese

• supply chains and technology

• interconnected industries

Globalisation means countries around the world have become increasingly:

• technologically savvy

• multiculturally advanced

• interconnected

• migratory

Which of the following is not likely to increase with globalisation?

• Flow of trade

• Flow of information

• Flow of natural disasters

• Flow of technology

An ADVANTAGE of globalisation is that?

• There is an increasing economic divide between the 'haves' and the 'have nots'

• Increased trade means a wider variety of goods to choose from

• Leads to MNCs holding a monopoly and preventing domestic companies from competing in the market

• Environmental costs leading to increased pollution and global warming worldwide

A DISADVANTAGE of globalisation is that:

• Greater competition due to international markets opening means goods will be cheaper

• Countries can specialise in products, becoming more efficient in producing them

• Developing nations may be negatively affected as they can't compete in the international market and workers may be exploited

• People can import a variety of goods from all over the world due to integrated communication and technology

When countries become more integrated with one another and rely on each other in order to produce and consume goods and services that they need, this is known as:

• Macroeconomics

• Globalisation

• A supply chain

• Interdependence

What # trading partner is Australia to China?

• 1st

• 3rd

• 5th

• 6th

What # trading partner is China to Australia?

• 1st

• 2nd

• 3rd

• 4th

What does MNC stand for?

• Member National Company

• Multi National Company

• Trans National Company

• Memorable National Corporation

To classify a corporation as an MNC, what does it need to do?

• Operate in more than one state in a country

• Operate in more than one country

• Operate via selling through an online platform

• Operate by having at least 100 businesses